Electrical mobility firm Motovolt Mobility has raised Rs 16 crore in a pre-series A spherical. Strategic buyers like PPAP Automotive, Vikrampati Singhania of JK Household, Ankur Agarwal of Crystal Crop, Wami Capital, a Dubai-based single household workplace and others participated on this spherical. The funds raised will primarily be used for brand spanking new product introduction, advertising and marketing initiatives, and rising Motovolt’s presence via extra retail factors pan India.
“Motovolt has been rising from energy to energy since inception by way of offering reasonably priced and sustainable commute to its clients. The pre-series A funding will allow us to maneuver to the subsequent stage by way of increasing not simply the product portfolio but in addition our presence throughout India. In keeping with the targets set by the federal government, Motovolt goals to turn out to be the go-to-choice for reasonably priced EV commute going ahead,” Tushar Choudhary, Founder & CEO, Motovolt, stated.
Motovolt instructions a management place within the sensible e-cycles class with greater than 100+ POS (factors of sale) and has lately forayed into a brand new class of e-bikes with the launch of “URBN”. The imaginative and prescient is to be current throughout the two-wheeler class, the corporate stated.
“Motovolt is among the few Indian manufacturers that’s specializing in constructing home manufacturing capabilities and creating options excellent for the Indian market additionally conserving in thoughts the agricultural demand and their necessities. The high-quality merchandise equivalent to their reasonably priced e-cycles have improbable worth for tens of millions of customers in India, and overseas,” Ramesh Ramakrishnan, Wami Capitals stated. “We sit up for working intently with Tushar and group in taking Motovolt from energy to energy within the thrilling EV story of India,” he added.
JK Organisation’s Mr Vikrampati Singhania, stated that the corporate is aiming to vary the way in which the world strikes. “They’ve already demonstrated the economics of handy, energy-efficient mass mobility answer. We actually imagine mass mobility has important potential to impression the underside of the pyramid, helps huge part of the society. The market is rising very quick, and we’re assured that Motovolt will proceed to deliver their mission to market,” he stated.
Additionally Learn: How battery maker Amara Raja is pivoting to electrical mobility